Dunedin Property Report - February 2021 (Jan 2021 stats)
The number of sales in Dunedin was incredibly low in January with just 84 homes sold compared with 105 in January 2020. The median number of days on the market was 30, which we would expect for January with the holiday taken into account.
The median sale price is continuing to creep up and is now $618,000. This is up year-on-year by 12.8% from $548,000 in January 2020. Prices are likely to remain high unless we see significantly more properties on the supply side as the demand is unrelenting.
Listing numbers have increased slightly and currently sit at 266 on realestate.co.nz.
There is strong competition in the market from investors moving with urgency to buy before the return of the LVRs. First home buyers are also still very visible among those attending open homes.
We are now starting to see the impacts that Variation 2 of the DCC Second Generation Plan will have on the market. Buyers are becoming aware of the potential that may be unlocked in many properties where density increases and zone changes may significantly affect value. Most properties in Dunedin will be affected in some way by these changes if they come into effect, therefore we recommend that homeowners and buyers make themselves familiar with the changes and what effect they may have on them.
Joe Nidd AREINZ
Liz Nidd FREINZ